- The RSI shows substantial bearish divergence concerning the price action
- The CHZ/BTC pair was trading at 0.000007774 BTC with a gain of 2.53%
- The 24hr trading volume in CHZ token is $296.5 Million
The CHZ token disappointed its long traders when the price displayed a fakeout from the $0.38 mark with a bearish engulfing pattern. However, even after giving a retest to this resistance level, the price has not provided any strong move and is still wavering below the overhead resistance level.
Concerning the EMA’s, the CHZ token shows a bullish trend in the price as it is trading above the crucial EMA’s 20, 50, 100, and 200. In addition, the 20 EMA provides strong dynamic support to the token’s price.
The RSI (BULLISH) value is at 57, indicating a bullish sentiment in this token. However, the RSI line shows a strong bearish divergence concerning the price, indicating weakness in the bullish momentum.
CHZ Token Crypto Chart In The 4hr Time Frame
The CHZ token is currently wobbling between the $0.385 and $0.341 in the 4hr time frame chart. This short-range could decide whether the price will continue with its price action or drop back to the deeper level of the chart. Thus, CHZ traders can wait for the price to break through from either of these levels, providing them a better understanding of the token’s next move.
The Moving average convergence/divergence indicator (BULLISH) shows the signal and MACD lines are moving below the neutral zone (0.00), indicating bearish momentum in the token. However, the indicator also displays some inactive momentum in these lines, suggesting an unclear trend.
Conclusion: From a technical perspective, the overall trend of the CHZ token is still bullish. However, the current scenario of its price action and indicators suggest a bearish outlook for this token. And the traders should wait for a proper indication of the token true motive before entering the Crypto market.
Support– $0.341
Resistance– $0.385